Obligation Crédit Agricole SA 4.25% ( FR001400F1U4 ) en EUR

Crédit Agricole SA

100 % ⇌

France

FR001400F1U4 ( en EUR )

4.25% par an ( paiement annuel )

11/07/2029

Prospectus brochure de l'obligation Crédit Agricole FR001400F1U4 en EUR 4.25%, échéance 11/07/2029

100 000 EUR

1 000 000 000 EUR

11/07/2025 ( Dans 9 jours )

Crédit Agricole est un groupe bancaire coopératif français, présent à l'international, structuré autour de caisses régionales et proposant une large gamme de services financiers.

L'Obligation émise par Crédit Agricole SA ( France ) , en EUR, avec le code ISIN FR001400F1U4, paye un coupon de 4.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 11/07/2029

DocuSign Envelope ID: 0B12BFF6-4400-4BFE-93CC-BAF68CCFEC36
MiFID II product governance / Professional investors and ECPs only target market Solely for
the purposes of each manufacturers' product approval process, the target market assessment in respect
of the Notes, taking into account the five categories referred to in item 18 of the Guidelines published
by ESMA on 5 February 2018 has led to the conclusion that: (i) the target market for the Notes is
eligible counterparties and professional clients only, each as defined in Directive (EU) 2014/65 (as
amended, "MiFID II"); and (ii) all channels for distribution of the Notes to eligible counterparties
and professional clients are appropriate. Any person subsequently offering, selling or recommending
the Notes (a "distributor") should take into consideration the manufacturers' target market
assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target
market assessment in respect of the Notes (by either adopting or refining the manufacturers' target
market assessment) and determining appropriate distribution channels.

UK MiFIR product governance / Professional investors and ECPs only target market Solely
for the purposes of the manufacturer's product approval process, the target market assessment in
respect of the Notes, taking into account the five categories referred to in item 18 of the Guidelines
published by ESMA on 5 February 2018 (in accordance with the FCA's policy statement entitled
"Brexit our approach to EU non-legislative materials"), has led to the conclusion that: (i) the target
market for the Notes is only eligible counterparties, as defined in the FCA Handbook Conduct of
Business Sourcebook ("COBS"), and professional clients, as defined in Regulation (EU) No
600/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("UK MiFIR"); and (ii) all channels for distribution of the Notes to eligible counterparties and
professional clients are appropriate. Any person subsequently offering, selling or recommending the
Notes (a "distributor") should take into consideration the manufacturer's target market assessment;
however, a distributor subject to the FCA Handbook Product Intervention and Product Governance
Sourcebook (the "UK MiFIR Product Governance Rules") is responsible for undertaking its own
target market assessment in respect of the Notes (by either adopting or refining the manufacturer's
target market assessment) and determining appropriate distribution channels.

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Final Terms dated 9 January 2023

Crédit Agricole S.A.
Legal Entity Identifier (LEI) of the Issuer is 969500TJ5KRTCJQWXH05

Euro 85,000,000,000
Euro Medium Term Note Programme
Series No: 653
Tranche No: 1
Issue of Euro 1,000,000,000 Senior Non-Preferred Callable Fixed to Floating Rate Notes
due 11 July 2029 (the "Notes")
Issued by: Crédit Agricole S.A. (the "Issuer")

Sole Bookrunner and Joint Lead Manager
Crédit Agricole CIB

Joint Lead Managers

BMO Capital Markets
CAIXABANK
SWEDBANK

Any person making or intending to make an offer of the Notes may only do so in circumstances
in which no obligation arises for the Issuer or any Joint Lead Manager to publish a prospectus
pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to
Article 23 of the Prospectus Regulation, in each case, in relation to such offer.
Neither the Issuer nor any Joint Lead Manager has authorised, nor do they authorise, the
making of any offer of Notes in any other circumstances.
The Notes are not intended to be offered, sold or otherwise made available to, and should not
be offered, sold or otherwise made available to, any consumer (consument/ consommateur)
within the meaning of the Belgian Code of Economic Law (Wetboek van economisch
recht/Code de droit économique), as amended, in Belgium.
The expression "Prospectus Regulation" means Regulation (EU) No 2017/1129, as amended.
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Part A -- Contractual Terms
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set
forth in "Terms and Conditions of the French Law Notes" in the base prospectus dated 8 April
2022 which has received approval no. 22-090 from the Autorité des marchés financiers
(the "AMF") on 8 April 2022, the first supplement to it dated 17 May 2022 which has received
approval no. 22-158 from the AMF on 17 May 2022, the second supplement to it dated 27 June
2022 which has received approval no. 22-246 from the AMF on 27 June 2022, the third
supplement to it dated 17 August 2022 which has received approval no. 22-353 from the AMF
on 17 August 2022, the fourth supplement to it dated 18 November 2022 which has received
approval no. 22-455 from the AMF on 18 November 2022 and the fifth supplement to it dated
2 January 2023 which has received approval no. 23-004 from the AMF on 2 January 2023,
which together constitute a base prospectus for the purposes of the Prospectus Regulation (the
"Base Prospectus"). This document constitutes the Final Terms of the Notes described herein
for the purposes of Article 8 of the Prospectus Regulation and must be read in conjunction with
the Base Prospectus. Full information on the Issuer and the offer of the Notes is only available
on the basis of the combination of these Final Terms and the Base Prospectus. The Base
Prospectus is available for viewing on the website of the Issuer (https://www.credit-
agricole.com/finance/finance/dette/emissions-marche/credit-agricole-s.a.-emissions-marche),
on the website of the AMF (www.amf-france.org) and copies may be obtained from Crédit
Agricole S.A., 12, Place des États-Unis, 92127 Montrouge Cedex, France.

1.

Issuer:
Crédit Agricole S.A.
2.
(i)
Series Number:
653

(ii)
Tranche Number:
1

(iii)
Date on which the Notes

become fungible:
Not Applicable
3.
Specified Currency or Currencies:
Euro ("EUR")
4.
Aggregate Nominal Amount:

(i)
Series:
EUR 1,000,000,000

(ii)
Tranche:
EUR 1,000,000,000
5.
Issue Price:
99.433 per cent. of the Aggregate Nominal
Amount
6.
Specified Denomination:
EUR 100,000
7.
(i)
Issue Date:
11 January 2023

(ii)
Interest Commencement

Date:
Issue Date
8.
Maturity Date:
The Specified Interest Payment Date
falling on or nearest to 11 July 2029
9.
Interest Basis:
Fixed/Floating Rate Notes
(further particulars specified in
paragraphs 15 and 16 below)
10.
Redemption Basis:
Subject to any purchase and cancellation or
early redemption, the Notes will be
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redeemed on the Maturity Date at 100.00
per cent. of their nominal amount
11.

Change of Interest Basis:
Applicable
From (and including) the Issue Date to (but
excluding) the Optional Redemption Date,
the Notes will bear interest at a fixed rate of
interest
(further particulars specified in paragraph
15 below)
From (and including) the Optional
Redemption Date to (but excluding) the
Maturity Date, the Notes will bear interest
at a floating rate of interest unless
previously redeemed on the Optional
Redemption Date
(further particulars specified in paragraphs
16 and 20 below)
12.

Noteholder Put/Issuer Call:
Issuer Call
(further particulars specified in paragraph
20 below)
13.

Status:
Senior Non-Preferred Notes
14.
Dates of the corporate

authorisations for issuance of the

Notes:
Resolution of the Board of Directors of the
Issuer dated 9 February 2022 (as amended
and completed by the resolution of the
Board of Directors of the Issuer dated 3
August 2022) and the décision d'émission
dated 9 January 2023
Provisions Relating to Interest (if any) Payable

15.

Fixed Rate Note:
Applicable from (and including) the Issue
Date to (but excluding) the Optional
Redemption Date

(i)
Rate of Interest:
4.250 per cent. per annum payable annually
in arrear on each Interest Payment Date
from (and including) the Issue Date to (but
excluding) the Optional Redemption Date

(ii)
Interest Payment Dates:
11 July in each year, from (and including)
11 July 2023, up to (and including) the
Optional Redemption Date

(iii)
Fixed Coupon Amount:
EUR 4,250 per Note of EUR 100,000
Specified Denomination payable on each
Interest Payment Date, except for the
amount payable in respect of the first short
Interest Accrual Period beginning on (and
including) the Interest Commencement
Date and ending on (but excluding) the
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Interest Payment Date falling on 11 July
2023 which shall be the Broken Amount

(iv)
Broken Amount:
EUR 2,107.53 per Specified Denomination
payable on the Interest Payment Date
falling on 11 July 2023

(v)
Day Count Fraction:
Actual/Actual-ICMA, not adjusted

(vi)
Determination Dates:
11 July in each year

(vii)
Resettable Notes:
Not Applicable
16.

Floating Rate Note:
Applicable from (and including) the
Optional Redemption Date to (but
excluding) the Maturity Date unless
previously redeemed on the Optional
Redemption Date

(i)
Interest Period(s):
Each period from (and including) a
Specified Interest Payment Date to (but
excluding) the next subsequent Specified
Interest Payment Date, save for the first
Interest Period which shall be the period
from (and including) the Optional
Redemption Date to (but excluding) the
First Interest Payment Date

(ii)
Specified Interest

Payment Dates:
11 October 2028, 11 January 2029, 11 April
2029 and 11 July 2029, subject to
adjustment in accordance with the Business
Day Convention set out in (v) below

(iii)
First Interest Payment

Date:
The Specified Interest Payment Date falling
on or nearest to 11 October 2028, subject to
adjustment in accordance with the Business
Day Convention set out in (v) below

(iv)
Interest Period Date:
Not Applicable

(v)
Business Day Convention: Modified
Following
Business
Day
Convention

(vi)
Business Center:
TARGET2

(vii)
Manner in which the

Rate(s) of Interest is/are to
be determined:
Screen Rate Determination

(viii)
Party responsible for

calculating the Rate(s) of

Interest and Interest

Amount(s) (if not the

Calculation Agent):
Not Applicable

(ix)
Screen Rate

Determination:
Applicable

Reference Rate:
3-month EURIBOR
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Benchmark:
Not Applicable

Relevant Inter-

Bank Market:
Euro-zone

Relevant Screen

Page Time:
11:00 a.m., Brussels time

Interest

Determination

Date:
The day falling two (2) TARGET2
Business Days prior to the first day in each
Interest Accrual Period

Relevant Screen

Page:
Reuters EURIBOR01

Lookback Days:
Not Applicable

Observation Shift

days:
Not Applicable

Relevant Number: Not Applicable

Interest Accrual

Period End Dates:
Not Applicable

Interest Payment

Delay:
Not Applicable

(x)
ISDA Determination:
Not Applicable

(xi)
FBF Determination:
Not Applicable

(xii)
Linear Interpolation:
Not Applicable

(xiii)
Margin:
+ 1.45 per cent. per annum

(xiv)
Minimum Rate of Interest: 0.00 per cent. Condition 5(i) shall apply

(xv)
Maximum Rate of

Interest :
Not Applicable Condition 5(i) shall
apply

(xvi)
Day Count Fraction:
Actual/360, adjusted
17.

Zero Coupon Note:
Not Applicable
18.

CMS Linked Note:
Not Applicable
19.

Inflation Linked Notes:
Not Applicable
Provisions Relating to Redemption

20.

Redemption at the Option of the

Issuer (Issuer Call):
Applicable

(i)
Optional Redemption

Date(s):
11 July 2028

(ii)
Optional Redemption

Amount(s) of each Note

and method, if any, of

calculation of such

amount(s):
EUR 100,000 per Note of EUR 100,000
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Specified Denomination

(iii)
If redeemable in part:

a) Minimum Redemption

Amount
Not Applicable

b) Maximum Redemption

Amount
Not Applicable

(iv)
Notice Period:
As per Conditions
21.

Clean-up Redemption Option:
Applicable

(i)
Clean-up Percentage:
80 per cent.

(ii)
Notice Period:
As per Conditions

(iii)
Optional Redemption

Amount(s) of each Note

and method, if any, of

calculation of such

amount(s):
EUR 100,000 per Note of EUR 100,000
Specified Denomination

(iv)
Optional Clean-up

Redemption Date(s) (solely
if the Clean-Up Percentage
is reached):
Any Interest Payment Date
22.

Redemption at the Option of

Noteholders (Noteholder Put):
Not Applicable
23.
(i) MREL/TLAC

Disqualification Event Call

Option:
Applicable

(ii) Early Redemption Amount:
Final Redemption Amount
24.

Final Redemption Amount of each

Note:
Subject to any purchase and cancellation or
early redemption, the Notes will be
redeemed on the Maturity Date at 100.00
per cent. of their outstanding principal
amount
25.

Early Redemption Amount of each

Note:
EUR 100,000 per Note of EUR 100,000
Specified Denomination
26.
Make-Whole Redemption Amount:
Not Applicable
General Provisions Applicable to the Notes

27.
(i)
Form of Notes (Bearer

Notes):
Dematerialised Notes

(ii)
Form of Dematerialised

Notes:
Bearer dematerialised form (au porteur)

(iii)
Registration Agent:
Not Applicable
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(iv)
Calculation Agent(s) (if

not the Fiscal Agent)
Not Applicable

(v)
Temporary Global

Certificate:
Not Applicable
28.

Exclusion of the possibility to

request identification of a

Noteholder as Provided by

Condition 1(a):
Not Applicable
29.

Financial Center:
TARGET2
30.

Talons for future Coupons or

Receipts to be attached to

Definitive Materialised Bearer

Notes (and dates on which such

Talons mature):
Not Applicable
31.

Details relating to Instalment

Notes:
Not Applicable
32.

Applicable tax regime:
Condition 9(a) applies
33.

Representation of holders of French
Law Notes Masse:
Contractual Masse shall apply

Primary Appointed Representative: as per
the Conditions F&S Financial Services,
13, rue Oudinot, 75007 Paris, France
Alternate Appointed Representative: as per
the Conditions Aether Financial Services,
36, rue de Monceau, 75008 Paris, France
The Primary Appointed Representative or,
as the case may be, the Alternate Appointed
Representative, will receive a remuneration
of EUR 300 per year (excluding taxes),
payable as per the Conditions.
Responsibility
I hereby accept responsibility for the information contained in these Final Terms.
Signed on behalf of the Issuer on 9 January 2023

Duly represented by: Laurent Côte

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PART B OTHER INFORMATION

1. LISTING AND ADMISSION TO TRADING
(i) Listing:
Application has been made for the Notes to be
admitted to trading on Euronext Paris with effect from
11 January 2023

(ii) Estimate of total expenses related

to admission to trading:
EUR 6,400 (without tax)
2. RATINGS

The Notes to be issued have been rated:

Standard & Poor's: A-
Moody's: A3
Fitch: A+
Standard & Poor's, Moody's and Fitch are established
in the European Union and are registered under
Regulation (EC) No 1060/2009 (the "CRA
Regulation"). As such, Standard & Poor's, Moody's
and Fitch are included in the list of credit rating
agencies published by the European Securities and
Market Authority on its website in accordance with
the
CRA
Regulation
(www.esma.europa.eu/supervision/credit-rating-
agencies/risk). As defined by Standard & Poor's, a
"A" rating means that the Issuer's capacity to meet its
financial commitment on the obligation is strong but
somewhat susceptible to economic conditions and
changes in circumstances. The addition of a minus (-)
sign shows relative standing within that rating
categories.
As defined by Moody's, obligations rated "A" by
Moody's are judged to be upper-medium grade and
are subject to low credit risk. The modifier 3 indicates
a ranking in the lower end of that generic rating
category.
As defined by Fitch, an "A" rating denotes
expectations of low default risk. The capacity for
payment of financial commitments is considered
strong. This capacity may, nevertheless, be more
vulnerable to adverse business or economic conditions
than is the case for higher ratings. The modifier (+) is
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appended to denote relative status within this
category.
3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save as discussed in "Subscription and Sale" in the Base Prospectus, so far as the Issuer is
aware, no person involved in the issue of the Notes has an interest material to the issue.
4. REASONS FOR THE OFFER AND ESTIMATED NET PROCEEDS
(i)
Reasons for the offer:
The net proceeds will be used for the Issuer's general
funding requirements.
(ii)
Estimated net proceeds:
EUR 991,830,000

5. YIELD
Indication of yield:
4.373 per cent. per annum

The yield in respect of paragraph 15 of PART A of
this issue of Fixed to Floating Rate Notes is
calculated on the basis of the Issue Price using the
following formula:
P=
C (1-(1+r)-n) + A(1+r)-n

r

where:
P
is the Issue Price of the Notes;
C
is the Interest Amount;
A
is the outstanding principal amount of Notes
due on redemption;
n
is time to 11 July 2028 in years; and
r
is the yield.

As set out above, the yield is calculated at the Issue
Date on the basis of the Issue Price. It is not an
indication of future yield.
6. PERFORMANCE OF RATES
Historic interest rate:
Details of performance of EURIBOR rates can be

obtained from Reuters
Benchmarks:
Amounts payable under the Notes will be calculated
by reference to EURIBOR which is provided by
European Money Markets Institute (EMMI). As at the
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